Consider four projects with the following initial investment and estimated net present values:

Project Investment NPV PI

A 200,000 230,000 1.15

B 125,000 141,250 1.13

C 175,000 194,250 1.11

D 150,000 162,000 1.08

Given we have a hard budget constraint that the total investment cannot be higher than $300,000, create a capital budgeting optimization model in Excel and answer the following question: Which project(s) maximize the NPV (or weighted profitability index)? Select all if more than one project is in the optimal set.